CreditShop Holdings LLC (CreditShop) has changed its name to Mercury Financial Holdings LLC (Mercury Financial). Mercury Financial is the largest non-bank credit card company in the US. The rebrand coincides with Mercury Financial securing $100m in incremental capital. The additional capital will support accelerated acquisition of new card accounts and expansion of its platform.
“I am inspired by our purpose of helping improve the lives of so many hard-working Americans, who deserve better credit. As Mercury Financial, we will continue to develop new ways to offer fair access to more credit card solutions to this large, historically underserved population,” explains James Peterson, CEO of Mercury Financial. “This transition marks the next step in the evolution of our business.”
Mercury Financial rebrand, acquires 200,000 new customers
Mercury Financial launched in 2013. It has developed a differentiated and proprietary understanding of the goals and ambitions of the near-prime customer segment it targets. Advanced analytics, including machine learning and artificial intelligence, has been embedded in the Company’s underwriting and collections capabilities.
In turn, this improves both approvals and credit performance. As a result, the Company has recently acquired over 200,000 new customers.
Future growth comes from Mercury Financial partnering with existing co-branded card programmes and issuers to serve the near-prime segment. For example, Mercury Financial launched its first co-branded card partnership in February with Spirit Airlines.
Technical innovation, building further scale
Aneek Mamik, Global Co-Head of Financial Services at Värde Partners, the largest Mercury Financial shareholder, adds: “We are excited by the growth trajectory and technological innovation at Mercury Financial. The additional capital will enable Mercury Financial to build further scale. And seek to become the leading credit card provider for hardworking Americans from all walks of life.”